Iowa Admin. Code r. 761-405.6

Current through Regsiter Vol. 46, No. 26, June 12, 2024

Rule 761-405.6 - Iowa salvage title required

(1)Wrecked or salvage vehicle. A vehicle rebuilder or a person engaged in the business of buying, selling, or exchanging vehicles of a type required to be registered in this state upon acquisition of a wrecked or salvage vehicle shall obtain an Iowa salvage title or a junking certificate for the vehicle except as provided in subrule 405.3(3).

a. A wrecked or salvage vehicle is a damaged motor vehicle that:

(1) Has repair costs exceeding 70 percent of its fair market value before it became damaged, and

(2) Had a fair market value of $500 or more before it became damaged.

b. Fair market value is the average retail value found in the National Automobile Dealers Association (NADA) Official Used Car Guide. If there is no value available, the motor vehicle division shall determine the fair market value upon request. The address is: Motor Vehicle Division, Iowa Department of Transportation, P.O. Box 9278, Des Moines, Iowa 50306-9278.

(2)Insurer. An insurer upon acquisition of a motor vehicle as a result of a settlement with the motor vehicle owner arising out of damage to or unrecovered theft of the motor vehicle shall obtain an Iowa salvage title for the motor vehicle.

(3)Application. Application for an Iowa salvage title shall be made within 30 days after the date of assignment to the transferee.

Iowa Admin. Code r. 761-405.6

Amended by IAB March 9, 2022/Volume XLIV, Number 18, effective 4/13/2022